There are only 15 business days remaining for potential Long Island solar projects to submit applications into the PSEG Long Island (aka the utility formerly known as LIPA) Solar “Feed-in-Tariff” II (FIT II) Program prior to the January 13, 2014 application deadline. The FIT II Program is a central element of Governor Cuomo’s “NY-Sun” Initiative, and was designed to dramatically increase the deployment of distributed solar generating systems on Long Island.
As we have detailed in previous blog posts, the FIT II solar incentive program can provide significant benefits to Long-Island businesses and commercial real-estate owners, either through the direct ownership of a solar system or through the leasing of unused roof space or land to allow for the installation of a solar system.
Direct ownership of a solar system can provide the biggest “bang for your buck” since it allows businesses to fully capture all of the project economics and available solar incentives, but entities must have significant taxable income to effectively utilize these solar incentives. Leasing available roof or land areas to serve as host sites for solar projects can be an attractive alternative where capital is a constraint or when businesses are simply looking to generate incremental revenue streams (with no corresponding investment requirements).
Although the clock is winding down on the FIT II Program, there is still time to act! Please contact the EnterSolar team if your business has any interest in learning more about the FIT II Program before its too late. This may be the last chance for LI businesses to “go solar” on such attractive terms.